ORCL looking at other real estate projects in Sri Lanka

Overseas Realty (Ceylon) Plc (ORCL) on the back of sealing their second phase of the Havelock City project with the Board of Investment (BOI) for its commercial site in the Havelock City is also looking at other real estate development project in Colombo“The agreement for our commercial site of the Havelock City project was signed today at the BOI,” W.D. Barnabas, CEO ORCL told The Sunday Times FT on Thursday. He said this phase commands a US$ 60 million investment and has half a million square feet of space in shopping and office complexes together with recreational and food outlets.

“We are looking at a couple of other real-estate development projects in and around Colombo. We are always on the lookout,” he stressed. ORCL recorded Rs.2180.3 million profits including a nine percent upwards adjustment in fair value of Rs.1834.3 million in 2007, compared to Rs.2024.8 million in 2006. However, the 2007 figure is for 12 months, whereas 2006 figure is for 18 months.

Barnabas noted that 50 percent of the apartments have been sold from ORCL’S Havelock City project or Havelock City – Phase 1. The company achieved the best ever occupancy level for the World Trade Centre (WTC) last year.

“The average rental rates grew at 29 percent,” Barnabas said. He said presently the WTC occupancies are averaging at 90 percent. “We are confident that it will remain at the 90 percent levels,” he added.